Getting an early start is essential to speeding reimbursement for damages.

According to Eqecat, a firm that tracks hurricanes and analyzes their damage, estimated losses from Hurricane Sandy could be between $30 billion and $50 billion and economic damages between $10 billion and $20 billion.

The city is offering small and medium-size businesses whose operations were interrupted an emergency loan of up to $25,000 as a result of a recent partnership with Goldman Sachs, but for many that won’t be nearly enough to get them up and running again. They will be relying heavily on their insurance coverage.

Flooding, a common problem from the storm, however, is “one of the more challenging parts of insurance,” said Rick Miller, managing director of Aon Risk Solutions Property Practice. Aon has a substantial number of clients in New York City, and its largest office is on Water Street (and was knocked out of service by the storm). So what do you do if you have a commercial property claim? Here's some advice from Mr. Miller:

1

Call your agent right away.

Even if you haven't completely assessed the storm's property damage, call your agent or broker—it's best to use the claim hotline—and get the ball rolling. “Even if you can't give specific information, give a general assessment, like 'The storeroom has several feet of water.' Making contact is critical,” said Mr. Miller. Keep in mind that your insurance company is going to be dealing with thousands of claims, and the process of adjusting those claims takes time. “The sooner you can get to your insurance company, the better,” he said.

2

Keep specific records, and photograph damage.

Ultimately, insurance claims require specifics. Mr. Miller suggested writing down and describing everything you see that either is damaged or is causing damage, whether that's wrecked equipment, a broken freezer with food rotting, three feet of water on the floor or a hole in the roof. Be as specific as you can, he said, and take photos and videos documenting what's been damaged. “If you can bring some chronological order to what happened and how it happened, that will help support your claim,” said Mr. Miller. “Having a lot of information may also move you up in the adjustment process.”

3

Expect to tap some of your own resources.

Flood claims can be trickier than other claims, said Mr. Miller, and flood insurance is one of the more restricted coverage areas within property insurance. “You may have a certain damage limit for flood, and there can also be some qualifying situations—meaning if you're in a flood-susceptible area, you may have limited coverage. So don't rely only on the insurance because it may not cover everything.”

If you can, get the process of restoration and recovery started on your own, said Mr. Miller. No matter what amount of money you ultimately receive, with a catastrophic event like Sandy, it will likely take a while for the insurance company to process your claim.

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